3.Cold Storage Company calculates assessment and is assessed at $30,000.The main 20,000 square foot cooler is built in but not assessed as part of the real property.The taxpayer omits the $15,000 AV for the cooler from the calculated value.

Cold Storage Company does not qualify for exemption as the total assessedshould include the cooler and the total is greater than $40,000.

4.7-11 has three stores in one CVT.The sum total of the AV’s for all three locations is $42,000.

Taxpayer does not qualify based on related entity clause.

5.Son Manufacturing Company purchased the business from the father and owns all but 2 pieces of equipment.Father and son own 2 pieces of equipment jointly.Son Manufacturing Company has an assessment of $30,000.Father and son have an assessment of $15,000.

Neither company qualifies for exemption due to the related entity clause.

6.Timely taxpayer files Personal Property statement by February 20, and has an assessed value of $10,000 and receives a tax bill.

Exemption is not automatic and will not be granted without filing Form 5076 by February 10th.